The IRS is cracking down on so-called soft or "Quiet Disclosures." According to a recent the U.S. Government Accountability Office (GAO) report, more than 10,000 taxpayers showed signs of having avoided offshore penalties by making “Quiet Disclosures” of foreign bank accounts for tax years 2003 through 2008,, a period for which the IRS has detected…
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FBAR's – With the June 30th Deadline Quickly Approaching, Here is youir Latest IRS FBAR News & Updates!
With the upcoming June 30th deadline to file 2013 FBAR forms for US Taxpayers with foreign accounts over $10,000 and so much News regarding FBAR's, we thought it would be a good time to review the FBAR requirement as well as the News relating to the IRS' Enforcement Efforts regarding FBAR's and Offshore Voluntary Disclosures, including: Report of Foreign…
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Switzerland Banks Now Permitted To Disclose Hidden Client Accounts!
The Swiss government said on May 29, 2013 that it would allow its banks to disclose information on American clients with hidden accounts, a watershed move intended to help resolve a long-running dispute with the United States over tax evasion. Disclosure of actual client names and account data, which American authorities have been aggressively seeking, would…
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Miccosukee Indians Hit With $170 million IRS Tax Lien!
The Internal Revenue Service has slammed the Miccosukee Indians with a bill of $170 million for the West Miami-Dade tribe’s failure to report and withhold taxes from its distribution of gambling profits to tribal members, according to court records. In a long-running battle, the IRS also has smacked hundreds of the tribe’s members with separate…
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